The Federal Reserve raised interest rates on Wednesday by a quarter of a percentage point to a 1.5 to 1.75 percent range — the highest level in a decade and a signal of continuing economic strength.

Fed officials said in a statement that the “economic outlook has strengthened in recent months” and increased their growth estimate for this year to 2.7 percent from 2.5 percent, when they last put out projections in December. Officials estimate the economy will grow by 2.4 percent in 2019 and 2 percent in 2020. They also forecast lower unemployment and an increase in inflation to their target in the “coming months.”

The interest rate move was widely expected — in December 2015, the Fed raised rates for the first time since 2006, by 0.25 percentage points, and it has been slowly raising them ever since. (It slashed rates to essentially zero in 2008 in the midst of the financial crisis recession in an attempt to jumpstart the economy.)

But Wednesday’s rate increase is a bit different. For one, it is new Fed Chair Jerome Powell’s first big move after taking over for Janet Yellen in February, as well as his first policy meeting and news conference…..